Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>'s analysts' call transcript is worth listening to. The math on the takeover maths well. This is a buy on dip. Again.</li>
<li>Those who bought into <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technology (1833 HK)</a>'s punchy dividend, whether in cash or scrip, the trade has panned out well. </li>
<li>KKR extends its Offer for <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>. Separately, Bain said it had destroyed confidential data, as requested, but it's unclear how and when that data was destroyed.</li>
</ul>



Seven &amp; I Holdings (3382 JP)'s analysts' call transcript is worth listening to. The math on the takeover maths well. This is a buy on dip. Again.
Those who bought into Ping An Healthcare and Technology (1833 HK)'s punchy dividend, whether in cash or scrip, the trade has panned out well. 
KKR extends its Offer for Fuji Soft Inc (9749 JP). Separately, Bain said it had destroyed confidential data, as requested, but it's unclear how and when that data was destroyed.


Last Week in Event SPACE: Seven & I, PA Gooddoctor, Fuji Soft, WH Group

Shinko Electric Industries / Event-Driven

<ul>
<li>I tally 51 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>One new deal was discussed this week: CC Capital's NBIO for <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>. </li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/arcadium-lithium-plc" target="_blank" data-smartkarma-citation="entities:40438:1" rel="noopener">Arcadium Lithium (LTM AU)</a>, <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>, <a href="https://www.smartkarma.com/entities/haitong-securities-co-ltd-h" target="_blank" data-smartkarma-citation="entities:5665:1" rel="noopener">Haitong Securities (H) (6837 HK)</a>, and <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a>.</li>
</ul>


I tally 51 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deal was discussed this week: CC Capital's NBIO for Insignia Financial (IFL AU). 
Key updates/news took place on: Arcadium Lithium (LTM AU), CPMC Holdings (906 HK), Greatview Aseptic Packaging (468 HK), Haitong Securities (H) (6837 HK), and Shinko Electric Industries (6967 JP).


(Mostly) Asia-Pac M&A: Insignia Financial, Arcadium, CPMC, GAPack, Haitong Sec., Shinko Electric

Greatview Aseptic Packaging / Event-Driven

<ul>
<li>Following on from the surprise development that <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy (2319 HK)</a> had reduced its stake below 5%, I've had a few readers asking about hypothetical situations regarding its stake.</li>
<li>IF Mengniu is a seller, can't Mengniu simply sell its entire stake to <a href="https://www.smartkarma.com/entities/shandong-xinjufeng-technology-packaging-co-ltd" target="_blank" data-smartkarma-citation="entities:36744:1" rel="noopener">Shandong Xinjufeng Technology Packaging (301296 CH)</a> (XJF)? Can Mengniu sell to XJF above the Offer Price?</li>
<li>Both questions are addressed in the Takeovers Code. But only one is permitted.</li>
</ul>


Following on from the surprise development that China Mengniu Dairy (2319 HK) had reduced its stake below 5%, I've had a few readers asking about hypothetical situations regarding its stake.
IF Mengniu is a seller, can't Mengniu simply sell its entire stake to Shandong Xinjufeng Technology Packaging (301296 CH) (XJF)? Can Mengniu sell to XJF above the Offer Price?
Both questions are addressed in the Takeovers Code. But only one is permitted.


GAPack (468 HK): Additional Thoughts On Mengniu Selling

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" rel="noopener">China Mengniu Dairy Co (2319 HK)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>'s largest customer, has ceased to be a substantial shareholder. Mengniu opposes the Shandong Xinjufeng offer. </li>
<li>This development suggests that Mengniu has low confidence in a management competing offer and will likely shift its business away from GA Pack.</li>
<li>The stake sale will help the <a href="https://www.smartkarma.com/entities/shandong-xinjufeng-technology-packaging-co-ltd" target="_blank" data-smartkarma-citation="entities:36744:1" rel="noopener">Shandong Xinjufeng Technology Packaging (301296 CH)</a> offer turn unconditional as it will nudge minorities to tender, partly due to GA Pack’s uncertain outlook.  </li>
</ul>



China Mengniu Dairy Co (2319 HK), Greatview Aseptic Packaging (468 HK)'s largest customer, has ceased to be a substantial shareholder. Mengniu opposes the Shandong Xinjufeng offer. 
This development suggests that Mengniu has low confidence in a management competing offer and will likely shift its business away from GA Pack.
The stake sale will help the Shandong Xinjufeng Technology Packaging (301296 CH) offer turn unconditional as it will nudge minorities to tender, partly due to GA Pack’s uncertain outlook.  


GA Pack (468 HK): Shandong Xinjufeng’s Offer Gets a Boost as Mengniu Sells Down

<ul>
<li>In the UK, once a Bidder is named in a possible offer announcement, the Bidder has 28 days to either announce a firm Offer intention or walk away. </li>
<li>This is known as a 'put up or shut up' or 'PUSU' deadline. Hong Kong's takeover rules has no such provision.</li>
<li>It's ~21 weeks since co-founders Jeff Bi and Gang Hong tabled a non-binding Offer. With no firm Offer in sight, AND contesting a SAMR ruling, they should fold their tent.</li>
</ul>


In the UK, once a Bidder is named in a possible offer announcement, the Bidder has 28 days to either announce a firm Offer intention or walk away. 
This is known as a 'put up or shut up' or 'PUSU' deadline. Hong Kong's takeover rules has no such provision.
It's ~21 weeks since co-founders Jeff Bi and Gang Hong tabled a non-binding Offer. With no firm Offer in sight, AND contesting a SAMR ruling, they should fold their tent.


GAPack (468 HK): Hong Kong's Takeovers Code Needs A PUSU Rule

China

China Mengniu Dairy Company Limited, through its subsidiaries, manufactures and distributes quality dairy products in China. The principal products are liquid milk products, ice cream, and other dairy products, such as milk powder. The Company markets its products under its primary MENGNIU core brand.

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China Mengniu Dairy Co (2319 HK)

Last Week in Event SPACE: Seven & I, PA Gooddoctor, Fuji Soft, WH Group

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

(Mostly) Asia-Pac M&A: Insignia Financial, Arcadium, CPMC, GAPack, Haitong Sec., Shinko Electric

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

GAPack (468 HK): Additional Thoughts On Mengniu Selling

China Mengniu can simply sell its entire stake to XJF; but not above the Offer Price. So what's stopping Mengniu if they appear to be selling down?

David Blennerhassett

GA Pack (468 HK): Shandong Xinjufeng’s Offer Gets a Boost as Mengniu Sells Down

The stake sale will help the Shandong Xinjufeng offer turn unconditional as it will nudge minorities to tender, partly due to GA Pack’s uncertain...

Arun George

GAPack (468 HK): Hong Kong's Takeovers Code Needs A PUSU Rule

It's ~21 weeks since co-founders Jeff Bi and Gang Hong tabled a non-binding Offer. With no firm Offer in sight, AND contesting a SAMR ruling, they...

David Blennerhassett

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